U.S. President Donald Trump announced a new set of tariffs on Thursday, set to take effect on October 1. The tariffs include a 100% tax on imported pharmaceutical drugs, a 50% tax on kitchen cabinets and bathroom vanities, a 30% tax on upholstered furniture, and a 25% tax on heavy-duty trucks.

Trump stated, "I’m putting a 100 per cent import tax on pharmaceutical drugs unless the companies are building plants right here in the United States." He emphasized that foreign products were undermining American manufacturers, saying, "Furniture and cabinetry are flooding the United States. Heavy trucks and parts are hurting our own producers. Tariffs are needed — for National Security and other reasons."

The President's announcement comes amid ongoing national security investigations into various imports. He believes these tariffs will protect American jobs and boost domestic manufacturing. However, critics warn that such measures could exacerbate inflation and hinder economic growth, as businesses are already grappling with the impact of previous tariffs.

The U.S. Chamber of Commerce has urged against the new tariffs, highlighting that major import sources like Mexico, Canada, Japan, Germany, and Finland are allies of the United States and pose no national security threat. Mexico, in particular, is a significant exporter of heavy-duty trucks to the U.S., and the new tariffs could increase transportation costs at a time when Trump is aiming to reduce inflation.

Trump remains firm in his stance, asserting, "We’re protecting American jobs, we’re protecting American factories. It’s very simple. If you want to sell here, you build here." The new tariffs are part of a broader strategy to address trade imbalances and support local industries.